The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $25 $125 Aug. 13 Purchase 17 units at $27 459 Nov. 30 Purchase 9 units at $29 261 Available for sale 31 units $845 A - There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $25 $125 Aug. 13 Purchase 17 units at $27 459 Nov. 30 Purchase 9 units at $29 261 Available for sale 31 units $845 A - There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost
Chapter1: Financial Statements And Business Decisions
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
5 units at $25
$125
Jan. 1
Aug. 13
Inventory
Purchase
17 units at $27
459
Nov. 30
Purchase
9 units at $29
261
Available for sale
31 units
$845
There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in,
out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to
nearest whole dollar).
a.
First-in, first-out (FIFO)
b.
Last-in, first-out (LIFO)
C. Weighted average cost
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